Hoyos Labs, a leader in biometrics-based authentication technologies, today rebranded as Veridium (www.veridiumID.com), heralding a new corporate strategy and the launch of its end-to-end biometric authentication solution - VeridiumID. The company offers enterprises a means to replace passwords completely using face, voice or fingerprints to authenticate an individual. This method has been shown to increase security, reduce fraud and cut the costs associated with passwords and traditional multi-factor authentication solutions.
Where Hoyos Labs achieved numerous breakthroughs in biometrics R&D, with eight patents and 34 patents pending, Veridium will take the strongest elements of that research legacy into a more focused product offering to directly address the most pressing security needs of four key sectors: Global 2000, financial services, healthcare and government. Veridium's solutions are built on an open standard to ensure continual iteration and enable the solutions to evolve at the forefront of the industry.
According to a recent report by Verizon, 63 percent of confirmed data breaches involved weak, default or stolen passwords. Furthermore, many industries - notably financial services and healthcare - suffer substantial fraud losses due to these unreliable methods of authentication. Biometrics strengthen legacy systems by adding an additional layer of security, and, with Veridium's new products and solutions, enterprises and organizations can deploy biometrics either to replace passwords altogether or as a second authentication factor.
VeridumID is a server-based system for biometric authentication that works in conjunction with an enterprise's mobile app and Veridium's front-end, mobile SDK. Unlike other biometric authentication solutions on the market today, VeridiumID can separate biometric data into pieces using visual cryptography. This method distributes and stores biometric data between the server and smartphone, making it difficult for hackers to compromise or steal a complete biometric vector.
This end-to-end software authentication solution is highly flexible and can be hosted in the cloud or deployed on-premise. The administrative dashboard offers companies full control over their users. VeridiumID accommodates multiple plug-and-play biometric libraries, including Veridium's own 4 Fingers TouchlessID, and integrates with existing enterprise environments, including support for Active Directory or a FIDO authenticator; no added hardware is required.
In addition to simplified deployment and increased usability, VeridiumID enhances security thanks to its liveness detection capabilities, which distinguish between a living person and an image, video or 3D mold - thus reducing the possibility of spoofing an individual's biometrics.
VeridiumID transforming industries
For a variety of highly-regulated industries, VeridiumID safely and conveniently validates users' identities and does so with a low barrier to entry. For example:
- Financial Services - Debit or credit cards and PINs are a critical weak spot in ATM security. With VeridiumID deployed, bank and credit union customers no longer need cards and PIN codes, accessing their accounts and transacting business with their unique physical characteristics instead.
- Healthcare - Patients are quickly authenticated at the doctor's office, hospital or pharmacy, eliminating the use for insurance cards entirely, as well as mitigating the risk of insurance fraud. Electronic healthcare records are further secured through customizable operational rules for who can or cannot access patient information.
- Government - VeridiumID ensures only select people have physical access to secure facilities, and replaces or augments usernames and passwords with biometric authentication for more effective login procedures.
"We're going to replace what you know (passwords) with what you are (biometrics) to safeguard enterprises from fraud and data breaches," said Todd Shollenbarger, COO, Veridium. "It's a simple goal but there are a litany of reasons why biometrics have not yet been adopted on a widespread basis, including high cost, the complexity of implementation and, perhaps ironically, security concerns. Our flagship solution VeridiumID solves all of these issues. We lower costs and address implementation challenges because we can use SaaS-delivery for the back-end technology and users' smartphones as the image capture device to authenticate. We're making biometric authentication a solution of today, not tomorrow."